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One of the geopolitical risks that Nvidia itself faces TODAY is from Communist China. For starters, China accounts for about 25% of Nvidia’s revenue for its data center business, which is the largest operation at the company. Anything from increased sanctions on China to a catastrophic war with Taiwan would obviously hit Nvidia hard.

Perhaps the biggest threat, however, is the US government – and rightly so. Right now, the Biden administration is trying to curb Communist China’s access to technology, and specifically AI which China intends to fully use for military uses. In thumbing its nose at those sanctions by running and runs around those sanctions, Nvidia risks a crackdown that, truth be told is long overdue.

As to why the Biden regime continues to allow the Chinese military and state researched institutes of artificial intelligence to continue to buy the coveted A100 and H 100 Nvidia chips is a mystery.

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America’s Anti-Trump Labor Bosses Declare War on Their Own Rank and File

Rank and file, blue-collar manufacturing workers love Donald John Trump.  Yet, their union leaders consistently have failed to endorse him. This paradox has recently been on display as 2024 Candidate Trump has sparred with United Auto Workers president Shawn Fain over the UAW’s Joe Biden endorsement.

Trump is absolutely right Fain is a “dope.”  As I analyzed in an earlier column (UAW suicide pact with Detroit Three will mean higher costs, lower profits, overseas manufacturing), Fain’s pyrrhic “victory” in the recent UAW-Big Three negotiations is merely a short term “triumph” that  effectively institutionalizes the offshoring of battery production and other key parts of the electric vehicle supply chain to Communist China. 

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Hi.   Peter Navarro here with this week’s market wrap for the week ending February 16, 2024. The most remarkable thing about this week is what almost happened but ultimately didn’t happen, which is to say a market crash. There’s the story:

Last Tuesday, the consumer price index came out unexpectedly hot. Consumer prices ran over 3% from a year earlier, significantly above expectations. As you can see from the chart below – podcast listeners please go to the substack to see this if you’d like – the S&P 500 promptly tanked.

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What we have now is a classic technical rally where the market has blown through any remaining levels of resistance and is now free to run for a while. Trend traders are forgetting all about any fundamentals at this point and going all in for what thus far has been a profitable ride since November.

The only thing that’s going to slow this market down now in the near term is some kind of geopolitical or inflationary shock that shows up in the data. Neither can be ruled out.

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How about this for an immigration bill:  Shut the damn border and immediately deport the millions of illegals that have invaded our nation at the invitation of the Biden regime. 

The proposed Senate bill is certainly not that.  It is nothing more than AMNESTY for the parade of scofflaws numbering as many as 8 million that have flooded across our borders since Joe Biden took office.

Securing our southern border is not difficult.  I was there in the Oval Office when Donald Trump came up with one brilliant idea that effectively closed much of our southern border in a matter of days.

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My broad and obvious fear is that as the AI secular boom accelerates, we will hit a threshold that will lead to the biggest mass layoffs this side of the Great Depression.  Unlike in the Great Depression, it won’t be manufacturing workers and farmers, although they will take a hit; the biggest casualties will be white collar folks across the board.

To understand the problem, suppose you pitted a monkey with the latest AI search engine against a freshly minted college grad from Harvard or Princeton in knowledge and writing tests.  The  monkey would win every time.

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The beauty of Nikki Haley’s suicide run against Donald Trump is the ugliness it exposes in American Big Donor politics.  That ugliness will be on full display this week in that bastion of Flyover MAGA County, Manhattan.  There, the now sputtering Rockette Haley will try to sing and dance for what is shaping up to be her Last Supper come the South Carolina primary.

This is what Republican presidential politics has groveled to: A small handful of self-interested billionaires still think they can buy the Oval Office and then use the last useful idiot standing in Donald Trump’s way to make even more billions on the backs of blue collar and middle-class America. 

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It was an extremely interesting week on the economic news front. The gross domestic product report for the last quarter of 2023 came in unexpectedly hot, and hotter than a firecracker, yet at the same time the inflation rate also surprised to the downside. The headline takeaways seem to be that, against all odds, the Biden economy is settling into Goldilocks territory where we are able to somehow grow at unparalleled rates and not ignite inflation.

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It’s déjà vu all over again as hedge fund moguls and pension fund managers on Wall Street continue to party even as danger lurks behind every door.

I’m talking about Houthi missiles, North Korean rockets, China’s tightening noose around Taiwan against the backdrop of its faltering economy, a war that appears to be turning with the Russian tide, a headlong plunge into war with Iran, a looming fiscal cliff, an ever more prolonged future of higher interest rates, falling real wages across blue-collar America, a Congress with all the discipline of a baby’s bowel movements, a Republican Party at war with itself pitting RINOs against the vast MAGA majority, a Democrat party saddled with an octogenarian they can barely remember his name, a coming artificial intelligence tech tsunami that may finally fulfill our worst fears about a machine takeover of humanity, and an alphabet soup of legacy media – ABC, CBS, NBC, PBS, CNN, MSNBC, and that in resident Fox in the Trump henhouse, Fox news – that refuses to tell us the real truth about just about anything.

So this week, yet again, the band on Wall Street played on with all the concern about the gathering storm as the intelligentsia and landed gentry who danced in the Titanic ballroom had for the water that was gushing into their ship.

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In an astonishing CNBC interview, JP Morgan CEO Jamie Dimon goes full MAGA in praise of Donald Trump.  Steve Bannon and Peter Navarro pull back the curtain on Dimon's nefarious agenda.

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